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Metal drained away, Comex will move to cash settlement, Sinclair says
8:16a ET Thursday, April 25, 2013
Dear Friend of GATA and Gold:
Jim Sinclair today tells King World News that the New York Commodities Exchange's gold warehouses will be drained as long as the price of paper gold is so much lower than the price of real metal around the world and that he expects the exchange to stop metal delivery and convert to cash settlement or settlement in shares of exchange-traded funds. "This is the beginning of the end of the paper gold market being the superior price-setting mechanism," Sinclair says. An excerpt from his interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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